Melbourne

Albert Park 7-Eleven corner going to auction

The home of a high-profile 7-Eleven in the heart of Albert Park will be sold at auction next month.

12 Feb 2020

The home of a high-profile 7-Eleven in the heart of Albert Park will be sold at auction next month.

A 179sqm, triple-fronted landholding, 147 Victoria Avenue has been occupied by 7-Eleven since August 1982, making it one of the longest-standing businesses in the bayside Melbourne suburb.

It sits on the corner of Danks Street along Victoria Avenue, a stretch of fashion retailers, cafes and restaurants that runs from Ferrars Street to Port Phillip Bay.

The convenience retail giant, which operates more than 600 Australian stores, is currently on a five-year lease generating annual income of $118,000 +GST and expenses.

CBRE’s Melbourne Strip Retail Investments team of Rorey James, Nic Hage and JJ Heng will take the property to auction on March 18.

“This is a rare opportunity to secure a premium city fringe retail corner occupied by a prolific and longstanding business in 7-Eleven,” Mr James said.

“We anticipate good interest from investors who understand the value in the current lease, and value-add buyers with a longer-term view. 

“The flexibly of the property through multiple street frontages provides potential for further retail activation along Danks Street or development in the future.”

Albert Park is an affluent city fringe suburb with a median house price north of $1.9 million, known for its iconic lake, beachside boulevard, excellent public transport and charming retail village. 

“The Victoria Avenue shopping strip consistently records low vacancy,” Mr Hage added.

“The affluence of the Albert Park demographic supports local business and the experience of walking from your home to the shops is part of residents’ way of life.”

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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.